TMF vs. DPST
TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and DPST (Direxion Daily Regional Banks Bull 3X Shares) are both exchange-traded funds - TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%), while DPST is a Leveraged Equities fund tracking the Solactive US Regional Banks Total Return Index (300%). Both are passively managed. Over the past 10 years, TMF returned -18.08%/yr vs -11.52%/yr for DPST. At a correlation of -0.24, they often move in opposite directions. TMF charges 1.01%/yr vs 0.99%/yr for DPST.
Performance
TMF vs. DPST - Performance Comparison
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Returns By Period
In the year-to-date period, TMF achieves a -11.93% return, which is significantly lower than DPST's 45.84% return. Over the past 10 years, TMF has underperformed DPST with an annualized return of -18.08%, while DPST has yielded a comparatively higher -11.52% annualized return.
TMF
- 1D
- -1.01%
- 1M
- -10.16%
- 6M
- -9.78%
- YTD
- -11.93%
- 1Y
- -7.67%
- 3Y*
- -21.85%
- 5Y*
- -34.00%
- 10Y*
- -18.08%
- ALL TIME*
- -6.40%
DPST
- 1D
- 0.09%
- 1M
- 19.32%
- 6M
- 33.56%
- YTD
- 45.84%
- 1Y
- 46.05%
- 3Y*
- 26.28%
- 5Y*
- -14.08%
- 10Y*
- -11.52%
- ALL TIME*
- -13.01%
TMF vs. DPST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -11.93% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
DPST Direxion Daily Regional Banks Bull 3X Shares | 45.84% | -5.90% | 15.48% | -55.79% | -54.10% | 108.31% | -76.53% | 70.65% | -56.75% | 7.28% |
Correlation
The correlation between TMF and DPST is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.22 |
Correlation (All Time) Calculated using the full available price history since Aug 19, 2015 | -0.24 |
The correlation between TMF and DPST shifts across timeframes, from -0.24 (all time) to 0.14 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TMF vs. DPST — Risk / Return Rank
TMF
DPST
TMF vs. DPST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) and Direxion Daily Regional Banks Bull 3X Shares (DPST). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| TMF | DPST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.96 | ||
| Sortino ratioReturn per unit of downside risk | -1.53 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.17 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.29 | 1.14 | -1.43 |
| Martin ratioReturn relative to average drawdown | -0.58 | 2.54 | -3.12 |
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Drawdowns
TMF vs. DPST - Drawdown Comparison
The maximum TMF drawdown since its inception was -92.89%, roughly equal to the maximum DPST drawdown of -97.73%. Use the drawdown chart below to compare losses from any high point for TMF and DPST.
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Drawdown Indicators
| TMF | DPST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.89% | -97.73% | +4.84% |
Max Drawdown (1Y)Largest decline over 1 year | -26.51% | -40.44% | +13.93% |
Max Drawdown (3Y)Largest decline over 3 years | -53.47% | -68.38% | +14.91% |
Max Drawdown (5Y)Largest decline over 5 years | -88.81% | -93.99% | +5.18% |
Max Drawdown (10Y)Largest decline over 10 years | -92.89% | -97.73% | +4.84% |
Current DrawdownCurrent decline from peak | -92.71% | -91.07% | -1.64% |
Average DrawdownAverage peak-to-trough decline | -43.98% | -64.44% | +20.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.32% | 18.15% | -4.83% |
Volatility
TMF vs. DPST - Volatility Comparison
The current volatility for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) is 7.32%, while Direxion Daily Regional Banks Bull 3X Shares (DPST) has a volatility of 17.32%. This indicates that TMF experiences smaller price fluctuations and is considered to be less risky than DPST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMF | DPST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.32% | 17.32% | -10.00% |
Volatility (6M)Calculated over the trailing 6-month period | 19.81% | 49.05% | -29.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.58% | 68.34% | -40.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.37% | 88.45% | -42.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.72% | 94.22% | -50.50% |
TMF vs. DPST - Expense Ratio Comparison
TMF has a 1.01% expense ratio, which is higher than DPST's 0.99% expense ratio.
Dividends
TMF vs. DPST - Dividend Comparison
TMF's dividend yield for the trailing twelve months is around 4.48%, more than DPST's 1.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DPST Direxion Daily Regional Banks Bull 3X Shares | 1.50% | 2.18% | 1.55% | 1.78% | 1.51% | 0.58% | 0.90% | 1.29% | 2.18% | 0.30% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.48% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
TMF and DPST have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DPST has higher volatility (17.32%) compared to TMF (7.32%). In terms of maximum drawdown, TMF dropped -92.89% vs DPST's -97.73%.
On 10-year performance, DPST leads with -11.52% vs -18.08% for TMF. On fees, DPST is cheaper at 0.99% per year. On volatility, TMF has been the lower-risk option at 7.32%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DPST has performed better with a -11.52% return vs -18.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DPST is cheaper with a 0.99% expense ratio, compared with 1.01% for TMF.
TMF has the higher dividend yield at 4.48%, compared with 1.50% for DPST.
TMF is categorized as Leveraged Bonds, while DPST is Leveraged Equities. TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%), while DPST tracks Solactive US Regional Banks Total Return Index (300%). Their fees differ too: 1.01% for TMF and 0.99% for DPST.
DPST currently has the higher Sharpe Ratio (0.68 vs -0.28), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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